Today Finastra, one of the world’s largest fintechs, announced a partnership with HCL Technologies, a leading global technology company, to provide treasury management technology in the cloud to smaller banks across Northern Europe, North America, India and the Philippines. The partnership brings to market a new Digital Treasury as a Service offering, which enables banks to manage their treasury operations more efficiently and effectively.

“Market dynamics, increased regulation and competitive pressure to scale mean that the treasury market is ripe for transformation,” said Denise Parker, SVP, Partners and Ecosystem at Finastra. “Our strategic partnership with HCL lets us use our combined market reach, agility and scale, to help banks transform and grow their operations in a sustainable and cost-effective way. Banks using the solution can realize significant efficiency gains, manage risk more effectively, react more quickly to market demands and take advantage of future growth opportunities.”

Powered by Finastra’s Fusion OPICS treasury software and hosted on Microsoft Azure, HCL’s Digital Treasury as a Service is ideal for banks with a more focused target market. Fusion OPICS, used by over a hundred banks worldwide, provides cost-effective support for global treasury trading operations, compliance and risk management and enables banks to transform and automate core treasury operations. HCL’s Digital Treasury as a Service will encapsulate its contemporary digital and cloud transformation services such as FENIX 2.0, CyberSecurity Fusion Center and ElasticOps for an evergreen, scalable and one-stop-shop treasury solution.

Historically, many banks have been reliant on manual processes for treasury management, which can be error prone and impede growth and agility. With Digital Treasury as a Service, banks will be able to tap into affordable technology that optimizes treasury operations and produces cost savings.

“As banks across the globe accelerate their cloud first strategy, the ability to adopt a secure and accessible Digital Treasury as a Service offering will be essential,” said Rahul Singh, President of Financial Services at HCL Technologies. “The combination of HCL’s next-generation cloud native services and Finastra’s leading treasury software will deliver a seamless customer experience. Our Digital Treasury as a Service will also ensure that banks are future-proofed, improve their risk management and continue to enjoy the latest digital capabilities, as both the treasury application and the cloud technology that underpins it continue to evolve. HCL is proud to partner with Finastra and help banks to continue to grow.”